Owing To Liquidity Crunch, GNIDA Slashes Budget By Rs.631 Crore

The budget of Greater Noida Industrial Development Authority has been reduced by Rs.631 crore, in comparison to last year. This decision was taken at the board meeting which was conducted on Monday.

A total budget of Rs.6443 crore has been issued by GNIDA, where Rs.1096 for development and construction, Rs.1100 crore for land acquisition, Rs.114 crore for development of rural areas and the remaining Rs.3510.8 crore for other works. The new proposed metro line from Sector 71, Noida to Greater Noida has been issued to a total of Rs.400 crore.

However, in the previous year, a total of Rs.7074 crore was issued by GNIDA. But this year, as GNIDA is facing a liquidity crunch, it is making cutbacks in the budget pertaining that it owes around Rs.7000 crore to the Authorities.

One more decision has taken by GNIDA, according which plots of allottees in sectors 2 and 3 will be shifted to another sector as they are not able to get possession because of the legal cases pending.

Also, GNIDA will be choosing the option of e-tendering in the projects which will cost more than Rs.1 lakh.